Hong Kong-based fintech developer company Oriente, a parent company of Finmas fintech lending, today announced a $105 million (equal to 1.5 trillion Rupiah) Series A funding. Sinar Mas (Indonesia), Berjaya (Malaysia), and JG Summit (Philippines) are involved as investors. This funding has set a record as the biggest Series A funding in Asia.
We’ve tried contacting relevant parties, whether funding from Sinar Mas is delivered through its investment arm, SMDV or LVP, but until this article is published, it’s left unanswered. Recently, through SMDV, Sinar Mas Group also invested in an overseas startup named Eko.
Funding for Oriente will be focused on improving technology and product development. In addition, build-up the current services and further expansion in Southeast Asia will have its part of the fresh fund. Oriente currently operates two fintech lending platforms, Finmas in Indonesia and Cashalo in the Philippines. Oriente services target the unbankable and capital for SME.
Geoffrey Prentice, one of Oriente’s Co-Founder, who’s also the Co-Founder of Skype, said in its release that Oriente was founded based on inclusion and innovation principal. Its vision is to open financial access, freedom, and opportunity for those underserved by banking. Thus, they (the unbankable) can participate in the global economic growth.
Since was founded in 2017, Oriente currently has representative offices in some regions for business development and expansion preparation, including Hong Kong (HQ), Shanghai, Singapore, Taipei, Manila, Jakarta, and Ho Chi Minh. In Indonesia, Finmas is working under PT Oriente Mas Sejahtera. It’s registered and supervised by OJK and has acquired legal license to run fintech lending. Sinar Mas is also a strategic partner of Finmas services.
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Original article is in Indonesian, translated by Kristin Siagian
